Digital OFBank expands services

MANILA, Philippines — Overseas Filipino Bank (OFBank), a state-owned digital-only bank, has extended its reach to at least 113 countries and territories worldwide as part of efforts to cater to the needs of migrant Filipino workers.

OFBank yesterday said it has registered overseas Filipino workers (OFWs) from a total of 113 countries across the world as of May 31, one year since the bank shifted all its services to digital platform.

The bank has reached clients in destinations where most OFWs are deployed: Saudi Arabia, United Arab Emirates, Singapore, Hong Kong, Qatar, Kuwait, Taiwan, Italy, Bahrain and Malaysia.

In its initial year as a digital-only bank, cash inflows reached P1.51 billion. In terms of sources, domestic deposits made up more than two-thirds of the total at P849.9 million, while remittances from OFWs accounted for the balance of P657 million.

On the other hand, cash outflows from withdrawals made over the counter, in automated teller machines and in electronic banking amounted to P1.25 billion. As such, OFBank has maintained an outstanding balance of P256.3 million as of end-May.

OFBank chairman and Land Bank of the Philippines president Cecilia Borromeo said the firm’s transition to a digital-only bank allowed it to offer the multiple services that OFWs abroad, as well as their families here, demand.

OFBank president and CEO Leila Martin, for her part, said the state-owned financial institution looks to upgrade its operations, procedures and systems to widen the access of its services to OFWs and their dependents.

For one, the bank plans to improve its mobile banking app by including new payment merchants and adding a cardless withdrawal feature.

OFBank makes use of the digital onboarding system with artificial intelligence (DOBSAI). The DOBSAI allows the bank’s clients to open a deposit account online through the use of supported mobile devices.

The bank extends the usual services that physical banks offer, particularly fund transfers and bill payments. It also provides clients the opportunity to participate in government bond auctions, such as in November and December last year when a total of 3,517 transactions worth P40.7 million were recorded.

Another P8.3 million from 380 transactions were coursed through OFBank in the 25th issuance of Retail Treasury Bonds between February and March.

Created in 2017, OFBank became a digital-only bank in 2020 and secured its license from the Bangko Sentral ng Pilipinas in March.